- February was the best month for job creation since September 2020.
- The loonie rose across the market on the data.
The employment report Canada February showed figures above expectations, which made the loonie rise strongly in the market. The economy created 336,000 jobs in February, higher than the 160,000 market consensus. This is the best read in over a year. This marks a recovery after the loss of 200,100 jobs in January.
The full time jobs they increased by 122,000, while part-time jobs rose by 215,000.
The unemployment rate it fell from 6.5% to 5.5%, a larger drop than the 6.2% expected. It is the lowest reading since January 2020. This implies a return to pre-pandemic levels.
The Canadian dollar rose in the market after the data. USD/CAD fell from 1.2765 to 1.2715, reaching the lowest level since Monday, thus erasing all gains.
Source: Fx Street
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